The inflows at the start of the year follow a disappointing 2016 for Zurich-based GAM in which it suffered net withdrawals of 10.7 billion francs and a share price slump of almost 30 percent.

Group assets under management rose 5 percent in the three months to end-March to 126.9 billion francs, GAM said in an interim management statement.

The company saw this as evidence its management’s turnaround plan will bear fruit and that investors should reject proposals from RBR, which is campaigning to appoint three new board members and a new chairwoman, and also wants to replace Chief Executive Alexander Friedman.

“As we start to see our strategy deliver tangible results, I urge all our shareholders to fully support the candidates proposed by the board and vote against those candidates proposed by RBR at our upcoming AGM,” Hugh Scott-Barrett, a member of the board of directors and the proposed chairman, said in a statement.

The annual general meeting (AGM) is due to take place on April 27.

Nevertheless, in a boost for RBR’s campaign proxy adviser Glass Lewis vote in support of two of RBR’s board candidates, Kasia Robinski and Rudolf Bohli, RBR said on Tuesday.